Accountant in Bankruptcy Terms with "P"

Glossary of Accountant in Bankruptcy - Glossario Contabile Fallimento

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Payable Instruments: cheques, payable orders and other items of paper which give the intended recipient an entitlement to money.

Payable Orders: equivalent to cheques, but drawn on government office holders, such as the OPG, rather than a bank.

Payment Cards: cards which can be used for payment purposes, there being several types including charge cards (such as the Government Procurement Card), credit cards and debit cards.

Permanent Trustee: someone appointed by the court to take possession of your estate; sell any property you own and pay your creditors as much as possible of what you owe them.

Petition: the legal term for a formal application to the court (sometimes referred to in the sheriff court as an Initial Writ).

Practical Insolvency: insolvency can simply mean an inability to pay debts or instalments on debts as they become due. This is more precisely defined as simple or practical insolvency. A debtor can be practically insolvent without any formal legal steps being taken, and even though they could, given time, realise sufficient assets to pay all the debts. Although debtors may have no cash, they may have assets, the value of which equals or exceeds the amount of their debts. If such a debtor was to borrow money against their assets, for example, by increasing their mortgage or by selling some of their assets for cash, they might then be able to meet their current obligations and would no longer be practically insolvent.

Protected Trust Deed: a trust deed is a form of insolvency that transfers your estate to a trustee to be realised for the benefit of creditors. A trust deed may be protected as long as a majority in number or a third in value of creditors do not object to its terms. Once protected, the terms of the trust deed becoming binding on all the creditors.